Greece

Lead Organization: The Hellenic Capital Market Commission

The Hellenic Capital Market Commission (HCMC) was established as a legal entity by Law 1969/91 and organized by Law 2324/1995, aiming to ensure the protection and the orderly and efficient operation of the capital market, which is crucial for the growth of the national economy. HCMC's management and staff are equipped, by virtue of the European and Greek legislation, with functional and personal independence guarantees for the accomplishment of their mission.

The HCMC supports World Investor Week 2023.

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Information on the HCMC’s WIW related activities On Financial Literacy

Taking into account the challenges for capital markets globally, following recent years of intense fluctuations and disruptions, mainly caused by the war between Russia and Ukraine, as well as the inflation hikes and the substantial increase of interest rates, the HCMC focuses on the key messages of World Investors Week 2023 and supports and participates actively in the WIW’s campaign. The HCMC considers WIW as a useful tool for retail investors in order to enhance their awareness and ability to deal with economic and financial developments.

The first HCMC 5year Strategic Plan, published in 2022, contains the following five pillars, which are accompanied by specific commitments:

1. Contribute to the development of the capital market through the formation of the regulatory framework and its efficient implementation, the improvement of information and transparency in the market, and the simplification of procedures;
2. Use new technologies and establish new methods of supervision, emphasising on the prudential supervision of the market;
3. Continue to give priority to investor protection;
4. Sustainability and establishment of relevant supervision model of such issues; and
5. Innovation – Digital Transformation of the HCMC.

The commitments under pillar 3 include the commitment to enhance financial literacy on capital market issues, by:

• providing standardized, clear, and accurate information about the costs, risks, and returns of investment products (a case in point being the Key Investor Documents);
• enhancing the presence of the HCMC in the social media, through the use of accessible and attractive forms of communication with investors as regards risks and capital markets; and
• organising training seminars/activities for investors.

The HCMC has initiated a specific Section on its website dedicated to Financial Literacy aiming at educating mainly retail investors and market participants as well as informing the general public on domestic as well as European and international initiatives via interactive texts and spot-videos training.

In parallel, the HCMC has signed MoU’s with Economic Universities and other Institutions, such as the CFA Greece, about undertaking common initiatives, including conducting seminars for students or other interested groups, in order to raise awareness and educate them on capital market issues, such as market abuse and other forms of illegal behaviour and economic fraud prevention.
You may visit the HCMC website relevant section to find out existing financial literacy initiatives, including among others a Conference organized in June 2022 about “the Future of Sustainable Finance” as well as a Digital Conference organized in March 2021 on the post-covid Era.
(Please see : http://www.hcmc.gr/el_GR/web/portal/protoboulies-gia-chrematooikonomiko-alphabetismo)

Other initiatives taken by the HCMC, basically focused on the Principles of Financial Literacy, as follows :

• a conference co- organised (November 2022) with ELSA regarding capital markets issues of legal interest which was addressed mainly to students of Greek law universities
• a seminar co – organised (November 2021) with Federation of Industries of Greece in Thessaloniki, Northern Greece, entitled “Discussion on issues of listed companies and the institutional framework of the capital market” focused mainly on investor protection issues, Corporate Governance and ESG issues of listed companies.
• an interview podcast (June 2023) of the HCMC’ s Chair entitled “Stock exchange in Greece in Simple Words” to Dianeosis, a Greek think tank, explaining how the markets operate as an opportunity for the benefit of the investors
• In October 2022 the Athens Stock Exchange participated in the WIW jointly organized by the IOSCO and the WFE on the “Ring the Bell for financial literacy” ceremony where the Chair of the HCMC outlined the importance of financial education.

The HCMC will shortly launch a brochure entitled “Do not invest with your eyes shut” in order to increase awareness of the public and promote investor protection.

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Website(s): http://www.hcmc.gr/en_US/web/portal/home

World Investor Week Coordinator(s): Christina Nikolia, c.nikolia@cmc.gov.gr

Updated: August 23, 2023